Rivian announced that chief financial officer Claire McDonough will resign at the end of October, according to a regulatory filing submitted Thursday. Her exit arrives as the automaker ramps up one of the most important phases in its history.
The company said McDonough is leaving to “pursue a new opportunity and relocate to the East Coast to be closer to her family.” She has been hired as CFO at Massachusetts-based GE Vernova, the energy equipment manufacturer confirmed, a move McDonough also shared on her LinkedIn profile. Rivian stated that her resignation is “not the result of any disagreement.”
A search for a permanent successor is already underway. Vice president of finance Derek Mulvey will step in as interim CFO once McDonough leaves the role.
A Departure During a Pivotal Growth Period
The timing is notable. Rivian is scaling up production and sales of its R2 SUV, which began reaching customers this summer and represents a central piece of the company’s plans for wider market reach and profitability.
McDonough joined Rivian as CFO in January 2021, replacing Ryan Green during a demanding stretch for the then-private EV maker. At the time, Rivian had raised billions of dollars to bring three vehicles to market: its flagship R1T truck, the R1S SUV, and a commercial delivery van. The company faced production delays, added costs, and supply chain constraints while burning through capital.
During her first year, Rivian started production of the R1T and raised EUR 10 billion in one of the largest IPOs of the year. The stock debuted at EUR 67 but has since slid to EUR 14 as of Thursday’s close.
Financial Strategy and the Volkswagen Partnership
McDonough was central to Rivian’s efforts to strengthen its balance sheet and improve its cost of revenue. Although she had no prior automotive experience, having held roles at JP Morgan and Fairway Market, she worked closely with the design and engineering teams and with founder and CEO RJ Scaringe to keep future vehicles competitive without losing money on each sale. Her responsibilities also spanned corporate and business development, vehicle maintenance and repairs, facilities, and the charging network.
She also played a key part in Rivian’s technology joint venture with Volkswagen Group. Finalized in November 2024, that agreement calls for VW to invest up to EUR 5 billion in Rivian by 2027 in exchange for access to its electrical architecture and software expertise.
“Together, we launched the R1T, R1S, and our commercial van, drove technology innovation and partnerships, built our go-to-market operations, and positioned the company for global scale and profitability with the launch of R2,” McDonough wrote on LinkedIn. “Being part of taking Rivian from an ambitious vision to a category-defining enterprise has been the highlight of my career.”
McDonough’s resignation takes effect at the end of October.
Source
Image: techcrunch.com
